Vodafone chief executive Vittorio Colao to stand down

Vittorio Colao, who helped build Vodafone into one of the world's largest telecommunications groups, will step down as its chief executive in October after a decade at the helm. Vodafone shares opened down nearly 4 per cent after the announcement on Tuesday morning, at just under 200p. Mr Colao's decision to stand down comes only days after the company sealed an €18bn takeover of Liberty Global's German and eastern European cable companies, Vodafone's biggest takeover of his tenure. Earnings before interest taxation, depreciation and amortisation grew 12 per cent to €15bn, beating its forecast, while free cash flow was €5.6bn hitting its promise to exceed €5bn. Mr Colao said that his departure should not overshadow what he called a "Strong financial performance" when Vodafone beat expectations that it upgraded during the year. Vodafone grew in 20 out of its 25 markets, according to Mr Colao. Vodafone India's ebitda dropped by more than a third and service revenue down by almost 20 per cent ahead of the merger with Idea.